Intel Corporation is strategically ramping up expansion plans in the Artificial Intelligence (AI) and Machine Learning (ML) business with two acquisitions in one week. Intel's latest acquisition deal with Israeli startup, Cnvrg.io has been reported. The company has not made any official announcements about the terms of the acquisition agreement.
Cnvrg's all-in-one machine learning platform allows data scientists to build and execute AI and ML algorithms, from the research stages to the production phase.
According to an Intel spokesperson, "Cnvrg will be an independent Intel company and will continue to serve its existing and future customers.”
The startup has raised $8 million in its Series A funding. It has been cited Pitchbook's valuation of $17 million in its last funding round.
Last week, Intel acquired SigOpt, a San-Francisco based startup that operates an optimization platform that facilitates scaling AI models. Intel did not disclose the terms of the deal but clarified that it is expected to close in the fourth quarter.
It has been hinted that Intel's acquisition spree attempts to take on rivals like NVIDIA Corporation. Nvidia's recent purchase of Arm Holdings attracted attention for potential geopolitical conflicts, and Arm co-founder calling the deal a disaster for Europe.
